Bofia 2009 pdf

The focus here shall be the legal and regulatory requirements as it relate to financial statements of banks and other financial institutions.

The Nigerian banking system has undergone remarkable changes over the years, in terms of bocia number of institutions, ownership structure, as well as depth and breadth of operations. The court noted that by Section 35 2 d of BOFIA, the powers of the governor were exercisable, notwithstanding anything in any written law, or any limitation contained in the Memorandum and Articles of Association of the bank.

No bank has done that. To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

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A further rationale for the Act was to ensure that banks and other financial institutions played their primary role of financial intermediation effectively. This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website.

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This category only includes cookies that ensures basic functionalities and security features of the website. The updated version of the Act. The Aftermath of the Financial Crisis Y. By continuing to use this website, you agree to their use. Meanwhile, our retail outlet in London should be improved and we would also want to know how the unclaimed dividend is put to use in our next report.

Notwithstanding anything contained in any law or memorandum and articles of association of a bank, where the Bank or an appointed person has, pursuant to an order under section 34 of this Decree assumed control of a bank whose paid-up capital is lost or unrepresented by available assets, the Bank may, with the approval of the President.

These changes have been influenced largely by challenges posed by deregulation of the financial sector, globalization of operations, technological innovations and adoption of supervisory and prudential requirements that conform to international standards. The issues to be treated will encompass enumeration of the various requirements of the Act and the challenges of compliance on the part of the banks.

Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit bfoia correct. The applicants argued that upon a proper construction of the powers conferred upon the governor by BOFIA, the governor had acted ultra vires, as the law only conferred powers on the governor to: The non performing loan which dropped to 3.

The Nigerian banking system has undergone remarkable changes over the years, in terms of the number of institutions, ownership structure, as well as depth and breadth of operations. This study has been embarked upon to clearly enumerate all the provisions on legal and regulatory requirements guiding the operations vofia banks in Nigeria and their financial reporting as stipulated in the Bank and Other Financial Institution Act BOFIA.

Articles and commentaries that identify allAfrica. You are commenting using your Twitter account. At the end of the paper, the reader and examiner will be convinced that these provisions have been logically laid out as succinctly as possible to serve the purpose intended. The Nigerian banking system has undergone remarkable changes over the years, in terms of the number of bfoia, ownership , as well as depth and breadth of operations. Fill in your details below or click an icon to log in: Provided that the Bank shall furnish any such statement or information to any agency of Government as required by law.

Leave a Reply Cancel reply Enter your comment here AllAfrica is a voice of, by and about Africa — aggregating, producing and distributing news and information items daily from over African news organizations and our own reporters to an African and global public. We also commend the bank for making Nigerians rich in terms of bonus and dividend payment and also for acquiring some of the distressed banks and thus putting depositors of those banks in their former position.

Provided that in the case of paragraph e of this subsection, the Governor may not order a special examination or investigation of the books and affairs of a bank if he is satisfied that it is not necessary to do so. To find out more, including how to control cookies, see here: Notwithstanding anything contained in any law or memorandum and articles of association of a bank, where the Bank or an appointed person has, pursuant to an order under section 34 of this Decree assumed control of a bank whose paid-up capital is lost or unrepresented by available assets, the Bank may, with the approval of the President.

This site uses cookies. The ruling was not the time that the CBN would be receiving a judicial imprimatur on banks in the country. Read the original article on Vanguard. In deciding the case, the presiding judge, Justice Mohammed Idris, resolved all the issues on powers the governor against the applicants. Also divisions in the directorate were reinforced with the hiring of seasoned senior level professionals from leading African and Nigerian financial institutions.

AllAfrica is a voice of, by and about Africa — aggregating, producing and distributing news and information items daily from over African boofia organizations and our own reporters to an African and global public.

The judge also referred to Apena v. The focal point is centred on providing the framework as stipulated by the Bank and Other Financial Institution Act BOFIA on the legal and regulatory requirements for the banking industry. Notify me of new comments via email. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons.